MARKET WRAP: Rand gains momentum on Brics news

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MARKET WRAP: Rand gains momentum on Brics news
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Sentiment buoyed after the government says it will discuss moving bloc’s summit to China, easing fears of a crisis

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The rand firmed to the strongest level in almost four weeks on Wednesday, gaining for the fifth consecutive session after the government said would consider moving a Brics summit out of the country.

The unit currency briefly strengthened to below R19/$ as “the geopolitical risk premium surrounding SA Inc seems to be unwinding, allowing the rand to retreat from its massively oversold position”, RMB analysts said in a note...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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